Advice for First time home buyers!
Looking back to when I bought my first home, I realize that there are a lot of things I wish I’d known, so I thought I’d list a few for you! Please be sure to read my other blog “Buyer in a Seller’s Market”. I hope at the end of this blog, I don’t leave you sad and hopeless; instead, informed and realistic about the process! So, bare with me and let’s dive right in!
Be creative and just get in the market! Stop waiting for the market to drop. In most cases, purchasing a home is a long term investment - so if you’re in a strong seller’s market with no end in sight, hop right in or you might be priced out of the market! Breaking into the market right now as a single buyer can be very difficult. When I purchased my home during a hot seller’s market, I bought it with my brother. It is not unheard of for friends or family members to pool resources and invest in real estate together. Another highly sought after option is a home with an additional income - basement apartment or the possibility to rent a room! So stop paying some else’s mortgage, and get someone to help pay yours!
Any house can become a home! All I’m saying is, don’t get too caught up on finding your dream home, ‘cause I hate to break it to you, it's not gonna happen the first time around - unless you have DEEP pockets or are shopping in the middle of nowhere. It’s always good to have a wish list, but let’s not fool ourselves, the essentials are much more important. So when shopping, remember you can always add value through cosmetic changes but location and lot will remain a constant variable.
Know your finances! Be sure to maintain a good relationship with your mortgage person and run through possible mortgage and monthly payments. Oftentimes when clients get pre approved they tend to look on the higher end and in a Seller driven market, we usually end up there. Last thing we want is for a client to feel stretched thin before the home even closes. That is because homeownership can come with expensive surprises! Don’t forget in most cases you are purchasing a home that has been loved and lived in by homeowners before you.
Don’t get too attached - I understand it can be easy to fall in love with a home. Trust me, I fall in love with a new home literally everyday! And when we are staging that is the feeling we want to create for prospective buyers. Don’t get me wrong, I wouldn’t want my client putting an offer in on a home they do not see themselves living in. However, I know the purchasing process can be an emotional roller coaster so just remember to keep your expectations in check.
Last but not least, surround yourself with a good support system. The process can be exciting and overwhelming so it helps to have your people, family, friends and realtor know what is going on in your life.